Business
Bourse indices decline in the wake of policy uncertainties
By Hiran H.Senewiratne
The CSE yesterday evinced some negative sentiments despite the CSE withdrawing a ‘contentious’ circular issued in January 2021. This was followed by a clarification in early February that market regulators should report investors’ credit position, market analysts said.
The withdrawal came into effect as a result of stockbroker firms making representations with regard to system limitations and practical constraints regarding the submission of certain information required by circulars bearing number 06-1-2021 dated January 29, 2021 and 01-02-2021 dated February 1, 2021, issued by the CSE.
The market was bullish last morning and touched 7467 or 170 points and later the market witnessed profit taking but it began to decline. The previous day market sentiment was positive because of the Chinese loan facility reported in a Chinese government bank twitter. But yesterday’s market decline began because of news that the Chinese loan is still in its discussion stages. Moreover, the government’s inconsistent policies also added insult to injury, market analysts said.
Amid those developments both indices moved downwards. All Share Price Index went down by 21.55 points and S and P SL20 declined by 3.91 points. The turnover stood at Rs. 2.8 billion without a crossing.
In the retail market, top five contributors to the turnover were, Dipped Products Rs. 435.6 million (8.3 million shares traded), Expolanka Rs. 337.3 million (seven million shares traded), LOLC Rs. 283.5 million (845,000 shares traded), Vallibel One Rs. 214.3 million (3.9 million shares traded), Browns Investment Rs. 214.3 million (3.9 million shares traded). During the day, 143.9 million share volumes changed hands in 25949 transactions.
Seylan Bank PLC had decided to go ahead with the previously announced listed BASEL III compliant debenture issue though with few changes. Originally, Seylan in July last year announced a listed debenture worth Rs. 10 billion, upon over subscription of Rs. 5 billion initially, Rs. 3 billion thereafter and Rs. 2 billion finally. It was to be via senior unsecured listed rated redeemable debentures and BASEL III compliant, Tier II, listed, rated, unsecured, subordinated redeemable debentures with a Non-Viability Conversion (to be issued as subordinated debt of the Bank). Having obtained shareholder approval, the bank in November announced to defer the move considering the prevailing market conditions subject to review in the first quarter of 2021. The Seylan Board last week passed a resolution to proceed with the issue subject to certain changes to the type and quantum of debentures.
Sri Lanka’s rupee quoted steady at 197.00/197.50 levels to the US dollar in the one-week forwards market on Tuesday, while bond yields remained unchanged, dealers said. The rupee last closed in the one- week forward market at 197.50/198.00 to the dollar on Monday.
In the secondary market bond yields were unchanged while the overall market witnessed dull activity, dealers said.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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